21st Century Fox Inc edge lower premarket after better than expected first quarter results
Thursday, 9 November 2017 Media giant, Twenty-first Century Fox Inc (NYSE:FOXA) saw its edge lower in premarket trade after it released better than expected first quarter results. Its adjusted earnings from continuing operations came in at 49 US cents, beating market consensus for 48 US cents. READ: 21st Century Fox in talks with Walt Disney to sell most of the business - report Earnings however fell by 4% year-on-year. Including one-time items, earnings came in at 45 US cents a share compared with 44 US cents a year ago. Top line rose 7.6% year-on-year to US$7.0bn, and also beat market consensus for $6.868bn, largely due to the robust affiliate revenues at the Cable Network Programming and Television segments, as well as content revenues at the Filmed Entertainment segment. Cable Network Programming saw its revenues rise 10.1% to US$4.196bn, boosted by affiliate as well as advertising revenue growth, offsetting the 11% hike in costs. READ: Twenty-First Century Fox counting the cost of USA's World Cup elimination Film Entertainment also saw revenues rise, up 2.9% to US$1.963bn while the Television division saw net revenues grow by 2.6% to US$1.065bn. In premarket, its shares were down 2.10% at US$27.50.
Comcast and Verizon Communications have both reportedly approached Twenty-First Century Fox with interest in buying Fox assets that were the subject of recent talks between Fox and Walt Disney. It was also reported last week that Disney was in talks to buy Fox’s movie and TV production studios,...
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